Options activity was intense in Nokia yesterday amid reports of a possible deal with Verizon on a 4G device.
Nokia reportedly denied the rumors, but not before traders snapped up calls in large numbers. Call volume has averaged 9,200 contracts for a full session, but NOK saw 38,200 change hands by midafternoon yesterday, according to OptionMonster's Heat Seeker tracking system.
About 28,000 of those contracts traded as part of an April 9-11 call spread, which went for $0.65 ($0.80 - $0.15). Nokia's stock reached a new 52-week low of $8.44 in intraday trading but ended the day virtually flat at $8.76, up just $0.02 from the previous close.
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Jon 'DRJ' Najarian is a professional investor, CNBC contributor, and cofounder of OptionMonster.com.